The following was posted on Stockhouse by dbeaude under the heading "Spoke with IR today":

"......they confirmed that there is no shoe about to drop. I suspect (and they tended to agree) that the likely cause for the sell off is that Raymond James released their latest research report today and downgraded both the stock rating and share price target (dramatically). However I hear they made some notable mistakes and are re-issuing a further update correcting their damaging mistakes. IR was very clear and confidence building in their responses to my questions. Firstly, they have found homes for three rigs.....one of the Parex rigs from Trinidad, a referbished one and one other (not one of the HRT ones). They indicated that these three will more than make up for the temporary loss of the two HRT rigs. They have expressions of interest on both HRT rigs but no committments.

HRT was in the wrong for abruptly cancelling the two contracts after they drilled 7 dry holes. I understand HRT is having their own internal problems and they at least should have utilized a proper cancellation process with notices of either safety or operational deficiency. Tuscany indicated that there was zero warning given by HRT which in my opinion does not look good on HRT as a company. Not likely other international drillers and service companies are going to want to do business with them. Also, IR categorically refuted the claim of RJ in their report that by the end of Q3 that they will be in technically default of their banking covenants.

IR also indicated that they have a very modern rig fleet with half of them be brand new and the other half being less than five years old. Their Book Value is currently $1.20 which from a value perspective the stock is extremely undervalued relative to the value of its underlying assets at
.265.

Finally, I feel that their list of approximately 10 banks that make up the syndicate that holds their longterm debt felt that Tuscany was able to repay their debt and they support Tuscany.

Seems to me that this company's equity is extremely cheap at this price so I increased my position be 30% today."

http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=31404593&l=0&r=0&s=TID&t=LIST

Cheers; Scott